(RTTNews) - Extending gains for the fourth consecutive session, gold prices have edged higher on Friday as investors wait to see Iran's response to the U.S. proposal to halt the war and reopen the Strait of Hormuz. Front Month Comex Gold for June month delivery has climbed by $18.10 (or 0.38%) to $4,729.00 per troy ounce. Front Month Comex Silver for June month delivery has edged higher by $0.501 (or 0.63%) to $80.400 per troy ounce. The U.S.-Israel versus Iran war entered day number 70 today. U.S. President Donald Trump announced a two-week ceasefire early in April and extended it later for an indefinite period. First, Iran closed the Strait of Hormuz and later the U.S. enforced a naval blockade on all ships entering or exiting Iranian ports. The double-blockade led to a steep increase in crude oil prices due to supply-disruption concerns and major economies are still battling the consequent inflation. After providing Iran a one-page Memorandum of Understanding with 14 key points seeking Iran's agreement, the U.S. is awaiting Iran's response. If Iran agrees, it would lead to the reopening of the strait immediately and halt the war, and in a 30-day timeframe, a framework for discussions will be chartered to discuss all contentious issues. Reportedly, as per the document, the U.S. expects Iran to refrain from developing any nuclear weapons and halt all uranium enrichment for the next 12 years, and in return, the U.S. would lift its sanctions on Iran, release frozen Iranian assets, and withdraw its naval blockade on Iranian ports. Iran is yet to formally respond to the plan. Trump had stated that a deal is within reach but warned that if Iran refuses to reach an agreement, the U.S. will recommence bombing Iran. Meanwhile, U.S. Central Command announced intercepting Iran's attacks on three navy ships yesterday and counterattacked the Iran's military in self-defense. Trump assured that the ceasefire holds despite these events. In a message via Truth Social, Trump reiterated that the U.S. will knock Iran more violently if they do not get the deal signed "fast". According to a CNN report yesterday, in an attempt to formalize its control over the Strait of Hormuz, Iran's Islamic Revolutionary Guard Corps installed the Persian Gulf Strait Authority, which demanded all merchant fleet passing through the strait to submit a 40-question declaration (termed Vessel Information Declaration) as a protocol, failing which they may face severe attacks from Iranian Navy. Iran's move to exert full dominance over the strait has renewed war tensions. It is also uncertain whether Iran would charge a toll for allowing ships to transit the strait. Earlier on Wednesday, Iran's Supreme Leader Mojtaba Khamenei via Telegram called for a new regional order under a strong Iran with no place for foreigners. On the economic front in the U.S., the data released by the Bureau of Labor Statistics today revealed that the US economy added 115,000 jobs in April following an upwardly revised increase of 185,000 jobs in March, way above market forecasts of 62,000 jobs, with major job gains occurring in the health care (37,000), transportation and warehousing (30,000), and retail trade (22,000) sectors. The unemployment rate stood at 4.30% in April, in line with market expectations. However, the number of unemployed rose by 134,000 to 7,370,000 while total employment fell by 226,000 to 162,620,000. Analysts predict that a peaceful agreement could restart smooth flow of oil traffic in the Persian Gulf and bring down crude oil prices and thereby gold prices may go up when inflationary pressures start diminishing. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
(RTTNews) - Extending gains for the fourth consecutive session, gold prices have edged higher on Friday as investors wait to see Iran's response to the U.S. proposal to halt the war and reopen the Strait of Hormuz. Front Month Comex Gold for June month delivery has climbed by $18…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.